The saying that one man’s floor is another man’s ceiling is most literally applicable in real estate. A clear manifestation of this is how, in many cases, property features considered a serious drawback may appeal to some homeowners, or may even be seen as a way to save money. Here are some situations where a supposed “negative” might work in your favour, based on your family’s lifestyle or your unique preferences:

1. Accepting lock-ins and clauses that can lower mortgage rates, when they’re not relevant to you

During a lock-in period, banks can charge you a penalty if you try to refinance. This is most often 1.5 per cent of the outstanding loan amount, but it varies between banks (and further processing fees are sometimes tacked on to it). So, for most borrowers, the impression is that a lock-in period, or a longer one like five years instead of three years, is always worse. However, mortgage brokers have told us this...